CNBC CAIRO — Egyptian authorities may seek over $1 billion in damages for helping to clear the Ever Given from the Suez Canal, as a dilemma emerges over who might foot the bill. “We will reach over a billion dollars in compensation,” Osama Rabie, the chairman and managing director of the state-owned Suez Canal Authority, told Egypt’s Sada El Balad channel
Reuters ISMAILIA, Egypt – Formal investigations into how the giant container ship Ever Given ran aground in the Suez Canal, shutting down shipping in the major global waterway for almost a week, begin on Wednesday, a canal official told Reuters. Suez Canal Authority (SCA) Chairman Osama Rabie has suggested weather conditions, including high winds, and human error could have played
Reuters Dislodging a container ship blocking the Suez Canal, one the world’s busiest trade routes, may delay delivery to Europe of around 1 million tonnes of liquefied natural gas (LNG) on 10 vessels if the blockage lasts for two weeks, researcher Rystad Energy said. Salvage officials said it could take weeks to resolve the congestion on the canal, the main
Reuters CAIRO – The Suez Canal stepped up efforts on Friday to free a giant stuck container ship and end a blockage that has sent shipping rates for fuel tankers soaring and disrupted global supply chains for everything from grains to baby clothes. Shipping rates for oil product tankers have nearly doubled after the 400-metre (430-yard) long Ever Given ran
Reuters LONDON/LOS ANGELES – The suspension of traffic through the Suez Canal has deepened problems for shipping lines that were already facing disruption and delays in supplying retail goods to consumers, shipping sources said. Container shipping companies, carrying retail goods ranging from mobile phones and designer goods to bananas, have been struggling for months with disruptions caused by the coronavirus
Reuters LONDON – Oil rose more than 2% on Wednesday after a ship ran aground in the Suez Canal raising supply concerns, although fears of a slow recovery in demand due to European lockdowns limited gains. The giant container ship that has been blocking the Suez Canal for more than a day has been partially refloated and traffic along the
Reuters NEW YORK – Three ships carrying ethanol were heading to China from the U.S. Gulf Coast, three trade sources told Reuters on Monday, in a sign that exports of the fuel were sharply increasing from the United States to the country. The shipments may surpass the total amount of U.S. ethanol that China imported last year, a positive development
Reuters LONDON – A plunge in the volume of crude oil stored on ships combined with unexpected cuts from top producer Saudi Arabia have created a glut of vessels available for hire, pressuring the outlook for supertankers this year. Earnings for very large crude carriers (VLCCs) in 2020 reached record highs of more than $240,000 a day as the coronavirus
Reuters SINGAPORE -Saudi Arabia said on Monday that a fuel transport ship anchored at a Jeddah terminal was attacked by an explosive-laden boat, after shipping firm Hafnia said that one of its oil tankers, the BW Rhine, had been hit by an unidentified “external source”. A Saudi energy ministry spokesman, in a statement carried on state media, did not mention
Reuters RIO DE JANEIRO -Federal prosecutors in Brazil filed a civil lawsuit against Danish shipping company Maersk and former executives representing the firm for alleged corruption involving shipping contracts with state-run oil firm Petrobras, they said on Friday. The lawsuit requests that a judge freeze almost 1 billion reais ($198 million) in assets in order to make sure funds are
Reuters SINGAPORE – Global container shipping rates have surged to records on a spike in restocking demand in the United States and Europe, container scarcity at export hubs, and changes in freight flows because of the coronavirus pandemic, shipping sources said. The Freightos Baltic Global Container Index (FBX), a weighted average of 12 major global container routes, rose to $2,359
Reuters SINGAPORE/BEIJING – China’s commercial oil stockpiling sector, which emerged as a key swing buyer of crude as prices plunged earlier this year, is setting plans to grow again in 2021, supporting a further boost in imports. Private tank farm operators, refiners and traders pumped an extra 310-600 million barrels of oil into storage in China this year, according to
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